JAL to release results

February 26, 2010

, TOKYO, Feb 26 – Japan Airlines, which last month filed for bankruptcy protection and is undergoing painful state-led restructuring, was Friday due to announce its third-quarter results for fiscal 2009.

JAL went bankrupt in January with 26 billion dollars of debt in one of the country\’s biggest ever corporate failures, but continued flying and began an overhaul involving more than 15,000 job cuts.

The government announced a 3.3-billion-dollar injection of public funds and fresh emergency loans of 6.6 billion dollars for the carrier.

Airline executives and the Enterprise Turnaround Initiative Corp. of Japan, which is leading the restructuring, called a press conference for Friday at 0800 GMT at the Ministry of Land, Infrastructure, Transport and Tourism.

JAL in mid-November announced a net loss of 131.2 billion yen (1.45 billion dollars) for the fiscal first half to September and scrapped its forecast for the rest of the year, citing uncertainty about its future.

At the time the airline, the recipient of three previous government bailouts since 2001, blamed the wider economic slump and global health scares such as swine flu for depressing business.

JAL executive officer Yoshimasa Kanayama warned in November that the second half of the fiscal year to March was "expected to remain severe".

The airline\’s shares were delisted from the Tokyo Stock Exchange on February 19, with its price down to one yen, ending the carrier\’s almost half century of listing on the bourse.

JAL this month rejected an offer to team up with the SkyTeam alliance, which includes US carrier Delta Airlines, and said it would expand its tie-up with American Airlines and its Oneworld partners.

The airline\’s new chairman Kazuo Inamori said last Saturday the embattled carrier would speed up efforts to improve its bottom line through restructuring, including new early retirement programmes.

"We\’re making a very huge loss every day and must stop the bleeding by reducing expenses," he was quoted as saying by the Kyodo news agency.

"All of us must be aware that we caused society a lot of trouble and must cut expenses thoroughly."

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